Making of an Entrepreneur……..!!!                  The Other Home     (Vacation Rental | Homestays | Outdoor Adventure)    ...
Dictionary Meaning:       "Entrepreneur is one who organizes and directs a    business undertaking, assuming the risk for ...
Understanding Entrepreneurial Competencies Copyright © 2012 The Other Home. All rights reserved
Copyright © 2012 The Other Home. All rights reserved
Copyright © 2012 The Other Home. All rights reserved
Initiative         Acting out of choice rather than compulsion, taking         the lead rather than waiting for others to ...
Sees and Acts on Opportunities        A mindset where one is trained to look for business        opportunities from everyd...
LeadershipCopyright © 2012 The Other Home. All rights reserved
ENTREPRENEURIAL COMPETENCIES Copyright © 2012 The Other Home. All rights reserved
Fundamentals of Small BusinessCopyright © 2012 The Other Home. All rights reserved
Copyright © 2012 The Other Home. All rights reserved
Copyright © 2012 The Other Home. All rights reserved
1. Things investors look for in a startupCopyright © 2012 The Other Home. All rights reserved
INVESTORS LOOK FORCopyright © 2012 The Other Home. All rights reserved
2. Lies Entrepreneurs Tell InvestorsCopyright © 2012 The Other Home. All rights reserved
I dont have   My idea is the                       any          greatest                   competition      The  competiti...
10 hiring mistakes made by Start-up businesses1. Hiring too many employees because of miscalculated revenues & underestima...
4 myths about Business Planning
Identifying Entrepreneurial Opportunity                            Source : cartoonstock.com
What is An Opportunity? An opportunity is a favorable set of circumstances that creates the need for a new   product, serv...
What is an Opportunity?                         An opportunity has four essential qualitiesCopyright © 2012 The Other Home...
Window of Opportunity• Window of Opportunity   – The term “window of opportunity” is a metaphor     describing the time pe...
Three Ways to Identify An OpportunityCopyright © 2012 The Other Home. All rights reserved
First Approach: Observing Trends• Observing Trends• The first approach to identifying opportunities is to observe  trends ...
First Approach: Observing Trends                         Environmental Trends Suggesting Business or                      ...
Second Approach: Solving a Problem                          Second Approach: Solving a Problem    Sometimes identifying   ...
Second Approach: Solving a ProblemCopyright © 2012 The Other Home. All rights reserved
Third Approach: Finding Gaps in the                        Marketplace• Gaps in the Marketplace   – A third approach to id...
Finding Gaps in the Marketplace                                               To provide good quality   Bridging the gap b...
Personal Characteristics of the Entrepreneur     Characteristics that tend to make some people better           at recogni...
10 thoughts for the Entrepreneur•If you live by the sword, get ready to die by bullets.•There are no traffic jams in the e...
Thank You!!!                                                       The Other Home                             Vacation Ren...
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Entrepreneurial competencies

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Entrepreneurial competencies

  1. 1. Making of an Entrepreneur……..!!! The Other Home (Vacation Rental | Homestays | Outdoor Adventure) Travel Blog - Photo Blog - Travel Books
  2. 2. Dictionary Meaning: "Entrepreneur is one who organizes and directs a business undertaking, assuming the risk for the sake of profit.“The term "Entrepreneur" was introduced by Richard Cantillon, a French economist, in the 18th century Copyright © 2012 The Other Home. All rights reserved
  3. 3. Understanding Entrepreneurial Competencies Copyright © 2012 The Other Home. All rights reserved
  4. 4. Copyright © 2012 The Other Home. All rights reserved
  5. 5. Copyright © 2012 The Other Home. All rights reserved
  6. 6. Initiative Acting out of choice rather than compulsion, taking the lead rather than waiting for others to start..!!!Copyright © 2012 The Other Home. All rights reserved
  7. 7. Sees and Acts on Opportunities A mindset where one is trained to look for business opportunities from everyday experiencesCopyright © 2012 The Other Home. All rights reserved
  8. 8. LeadershipCopyright © 2012 The Other Home. All rights reserved
  9. 9. ENTREPRENEURIAL COMPETENCIES Copyright © 2012 The Other Home. All rights reserved
  10. 10. Fundamentals of Small BusinessCopyright © 2012 The Other Home. All rights reserved
  11. 11. Copyright © 2012 The Other Home. All rights reserved
  12. 12. Copyright © 2012 The Other Home. All rights reserved
  13. 13. 1. Things investors look for in a startupCopyright © 2012 The Other Home. All rights reserved
  14. 14. INVESTORS LOOK FORCopyright © 2012 The Other Home. All rights reserved
  15. 15. 2. Lies Entrepreneurs Tell InvestorsCopyright © 2012 The Other Home. All rights reserved
  16. 16. I dont have My idea is the any greatest competition The competition sucks My domainOnce the idea is expertise is launched, unparalleledcustomers will Hurry or youll miss the bus
  17. 17. 10 hiring mistakes made by Start-up businesses1. Hiring too many employees because of miscalculated revenues & underestimated cost of hiring.2. Taking on board someone just because you known them —family, friends, wife. Theyd expect different treatment.3. Hiring a jack-of-all-trades instead of specialists for a particular job. Startups need specialists in specific roles.4. Not having clarity on what you are hiring for. Startups should clearly define roles for new hires.5. Not knowing if you are looking for a follower or a leader. Every business needs a mix of both.6. Giving someone equity just because you cannot pay a hefty salary. Then you get a partner not an employee.7. Hiring just to help someone out.8. Emphasizing too much on cost per hire rather than on quality of hire.
  18. 18. 4 myths about Business Planning
  19. 19. Identifying Entrepreneurial Opportunity Source : cartoonstock.com
  20. 20. What is An Opportunity? An opportunity is a favorable set of circumstances that creates the need for a new product, service, or business idea.Most entrepreneurial firms are started in one of two ways:– Some firms are internally stimulated. An entrepreneur decides to start a firm, searches for and recognizes an opportunity, then starts a business.– Other firms are externally stimulated. An entrepreneur recognizes a problem or an opportunity gap and creates a business to fill it. Copyright © 2012 The Other Home. All rights reserved
  21. 21. What is an Opportunity? An opportunity has four essential qualitiesCopyright © 2012 The Other Home. All rights reserved
  22. 22. Window of Opportunity• Window of Opportunity – The term “window of opportunity” is a metaphor describing the time period in which a firm can realistically enter a new market. • Once the market for a new product is established, its window of opportunity opens, and new entrants flow in. • At some point, the market matures, and the window of opportunity (for new entrants) closes. Copyright © 2012 The Other Home. All rights reserved
  23. 23. Three Ways to Identify An OpportunityCopyright © 2012 The Other Home. All rights reserved
  24. 24. First Approach: Observing Trends• Observing Trends• The first approach to identifying opportunities is to observe trends and study how they create opportunities for entrepreneurs to pursue.• There are two ways that entrepreneurs can get a handle on changing environmental trends: • They can carefully study and observe them. • They can purchase customized forecasts and market analyses from independent research firms. Copyright © 2012 The Other Home. All rights reserved
  25. 25. First Approach: Observing Trends Environmental Trends Suggesting Business or Product Opportunity GapsCopyright © 2012 The Other Home. All rights reserved
  26. 26. Second Approach: Solving a Problem Second Approach: Solving a Problem Sometimes identifying These problems can be opportunities simply pinpointed through observing involves noticing a problem trends and through more simple and finding a way to means, such as intuition, solve it. serendipity, or chance. For example, Symantec Corp.Some business ideas are clearly created Norton antivirus initiated to solve a problem. software to guard computers against viruses. Copyright © 2012 The Other Home. All rights reserved
  27. 27. Second Approach: Solving a ProblemCopyright © 2012 The Other Home. All rights reserved
  28. 28. Third Approach: Finding Gaps in the Marketplace• Gaps in the Marketplace – A third approach to identifying opportunities is to find a gap in the marketplace. – A gap in the marketplace is often created when a product or service is needed by a specific group of people but doesn’t represent a large enough market to be of interest to mainstream retailers or manufacturers. • This is the reason that small clothing boutiques and specialty shops exist. • The small boutiques, which often sell designer clothes or clothing for hard-to-fit people, are willing to carry merchandise that doesn’t sell in large enough quantities for Wal-Mart, GAP, or JC Penney to carry. Copyright © 2012 The Other Home. All rights reserved
  29. 29. Finding Gaps in the Marketplace To provide good quality Bridging the gap between branded products Job seeker and RecruiterTo empower the MBA aspirant Connecting Traveler andcommunity. © 2012 The Other Home. All rights reserved Copyright Accommodation Providers
  30. 30. Personal Characteristics of the Entrepreneur Characteristics that tend to make some people better at recognizing opportunities than others Prior Experience Social Networks Cognitive Factors Creativity Copyright © 2012 The Other Home. All rights reserved
  31. 31. 10 thoughts for the Entrepreneur•If you live by the sword, get ready to die by bullets.•There are no traffic jams in the extra mile you go for the customer.•Don’t underestimate customer resistance to behavior change.•Price the customer, not the product.•Your customer’s perception is your reality.•If you torture data enough, it will confess.•Customer loyalty can be bought; brand loyalty must be built.•Price pressure is an effect, not a cause.•Profits vs. Growth: Where do angels fear to tread?
  32. 32. Thank You!!! The Other Home Vacation Rental | Homestays | Outdoor Adventure Phone: 011-25985380 / 65028027 Email: info@theotherhome.com Website: www.theotherhome.com Blog: blog.theotherhome.com / photoblog.theotherhome.comCopyrigt © 2011 The Other Home. All rights reservedCopyright © 2011 The Other Home. All rights reserved
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